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Thursday, 27 August 2015

Mah Sing scales back property

launches, revises sales target

PETALING JAYA: Mah Sing Group Bhd, which posted a net profit of RM90.49mil in
the second quarter ended June 30, has scaled back property launches and revised
its sales target in view of the challenging market condition.
In the notes accompanying its financial results, the developer said the operating
environment in the short term was expected to stay challenging.
It added that market outlook had softened post the goods and services tax
implementation and sentiment was further affected by, amongst others, the
weakening ringgit.
Responding to changing market conditions, the group has scaled back launches
from RM3.4bil planned for the year to RM2bil, and revised its sales target for the year
from RM3.4bil to RM2.3bil, it said.
Nonetheless, it said the medium and long term prospects remained attractive.
It said they were supported by young demographics, favourable demand and supply
condition for the right products in selected locations, healthy employment conditions
and ongoing public transportation infrastructure projects.

The companys focus going forward is on further strengthening of business

fundamentals, both operationally and financially, to position ourselves for
opportunities as they arise, and the delivery of steady, sustainable performances over
the longer term, it said.
In the second quarter, Mah Sings revenue rose to RM780.48mil compared with
RM705.01mil in the same corresponding quarter a year ago.
Earnings per share for the quarter stood at 3.77 sen against 4.53 sen previously.
In the first six months to June 30, Mah Sings net profit rose 10.8% to RM189.38mil
on a 16.1% jump in revenue to RM1.56bil.
As at June 30, the company had a cash pile of approximately RM1.54bil.
The strong balance sheets and net cash position favourably position the company for
future opportunities as they arise and enhance our operating capacity to deal with
unforeseen market changes.
In a challenging environment, the company will continue to be disciplined and
prudent in its business development decisions, and will emphasise a good balance
between growth and stability, Mah Sing said.
The companys unbilled sales of RM4.8bil and the spread-out of new and matured
development projects evenly throughout the project life cycle would drive recurring
and stable delivery of cash flows, liquidity and earnings.
The developer said the strong portfolio of projects within its landbank, with remaining
gross development value amounting to RM26.4bil, provided growth visibility for at
least the next six to eight years.
TAGS / KEYWORDS:Mah Sing

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Market Summary
Updated: 13 Nov 2015|6:50 PMQuotes are delayed by at least 15 mins

FBM KLCI

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